Investing.com -- Stephen Feinberg, co-founder and CEO of Cerberus Capital Management, has been confirmed as the Deputy Secretary of Defense, following a U.S. Senate vote of 59-40.
Feinberg, who has a net worth of $5 billion, has previously held a role in the Trump administration as the head of the President’s Intelligence Advisory Board. This position allowed him access to classified information and the ability to provide advice on the operations of the Intelligence Community.
In his testimony to the Senate Armed Services Committee on February 26th, Feinberg identified opportunities to improve the Department of Defense’s (DOD) cost structure and efficiency. He pointed out the lack of good financial accountability and the presence of poor financial systems within the DOD. Feinberg expressed his confidence in being able to enhance the DOD’s cost structure, given his extensive experience in helping organizations improve.
Feinberg emphasized the need for strengthening the defense industrial base, which consists of American companies that manufacture equipment for the military. He highlighted the requirement for individuals within the DOD who understand the workings of private sector companies and what needs to be done to facilitate the development and production of weapons and munitions.
Feinberg also touched upon the need to improve the supply chain and the workforce within the defense sector. He stressed the importance of working closely with the private sector and having government personnel who understand the issues faced by private companies, as well as the pressures exerted by their boards and shareholders.
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